No doubt you’ve heard about Bitcoin by this stage. I think most people have. Whereas if you think of back to the start of 2017, barely anybody had. I was pretty lucky in that I’d put myself in the right places, I met the right people and I was early to the table on the whole Bitcoin and cryptocurrency thing. It’s interesting seeing people’s comments and reactions on Facebook and there are really two main camps…So there are people who are dead set against it and there are people who are really for it. I’m in the really for it camp.
The reason why I think is because it’s about the simplification of the world. If you think back even just a couple of years ago, would you have thought there would be an app for your smartphone that would majorly crush the taxi industry? Or what about an app for your smartphone that would majorly change the hotel’s industry. Obviously I’m talking about Airbnb and Uber, there.
And so what happens after a while, it becomes the norm, but initially, people are dead set against it. And the same thing is now is happening with cryptocurrency. The reality is the current financial system is a little bit outdated. So if say you’re in a different country and I want to transfer money over to you, the whole thing takes days and there’s lots of fees associated with it and that kind of stuff. This whole swift system is a dinosaur.
Did you know these days, a lot of banks and financial institutions are actually using cryptocurrency, not necessarily Bitcoin but other cryptocurrencies, to transfer value between different financial institutions? So it’s not about whether or not cryptocurrency is going to stay or not. Cryptocurrency is here to stay .
I’ve had people bag me out and say, “Hey, what are you doing interested in this?” The way I look at it is, I’m an internet guy and I’m a technology futurist and I’m a tech investor. So if you think about the initial internet, it was really just text and videos, that kind of stuff. Then web 2.0 was social, where you added your Facebooks and YouTubes, etc. The way I look at it is, web 3.0 really is now the internet of money and how we exchange money, and how much of e-commerce is done online and that can be done a whole bunch more efficiently as well these days.
There’s nothing to say that your cryptocurrency won’t get integrated into one click in your browser or one click on your device. There’s no doubt about whether or not the world is headed that way.
Let’s Talk About Bitcoins…
A Bitcoin was the original cryptocurrency and it’s limited to 21 million tokens, 21 million coins. So in my opinion, Bitcoin is never going to be the mainstream, like instead of using dollars, I’m going to use Bitcoin. It may to an extent, but it is limited with long transaction times.
Because it is limited to 21 million, it’s like a store of gold. It’s a rare, precious resource that people want and there’s millions and millions of people that want it and there’s only a limited volume of them, plus there is not even 21 million in circulation. It’s about 12 million at the moment and probably about 3 million have been lost. So, they are very, very rare and more people want it, so it just keeps going up in price/value.
Do I think it will keep going up? Yes, I do, and we’re still buying even though now it’s gone way up. Because realistically, I believe it’ll end up in a hundreds of thousands of dollars over the next couple of years.
But, I don’t necessarily think Bitcoin is going to be a long-term winner as far as everyday cryptocurrencies will go, so it’s hard to know. No one knows. It’s kind of like beta and VHS if you’re old enough to remember that. Beta was better but VHS actually won the day. It got the main circulation.
So no one knows whether it’s going to be Ethereum, or Bitcoin cash, or Dash, or any of these other cryptocurrencies.
So what I would say in this space, one, is educate yourself massively. In 2017 crypto was the main thing that I’ve learnt, crypto and Amazon. They’ve been the two main areas I’ve immersed myself in and spent countless hours in. So I would say become an informed investor. If you don’t know much about it, we’ve got bitcoininformed.com, go there and watch the free web class. It’s probably a good way to get started.
Julia, my operations manager, she was just talking about it before and said something really good. She said, “Don’t have all your eggs in one basket.” Basically, spread it out across multiple investment platforms.
There’s no doubt about it. It is an amazing opportunity. It’s an amazing point in time that isn’t really going to be repeated. So I think you don’t want to be sitting on the fence holding onto your pride saying, “Oh, it’s a bubble,” or whatever. The reality is, it’s probably going to keep going up. Twenty seventeen, I think was a drop in the ocean compared to what twenty eighteen is going to be. Obviously, time will tell. I may be wrong, but I doubt it. That’s the way the world is headed, so supply and demand is going to continue to go up.
Become informed and see what you can do. Make some investments if that feels right for you, but there’s real opportunity to change your financial world. Let me know your thoughts below this. I look forward to the engaged conversation.